Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi housing rents set to soar says JLL report  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The research report said the abu dhabi real estate market continued to show signs of growth and recovery during the quarter ended march 31.

demand for the residential rental market also continues to rise driven by new job creation and government policies leading to 17 per cent rental growth for prime high quality units during 2013 and four per cent growth during march 31 ended quarter says jll the world’s leading real estate investment and advisory firm in its abu dhabi real estate overview first quarter 2014.

the research report said the abu dhabi real estate market continued to show signs of growth and recovery during the quarter ended march 31.

visitors tour cityscape abu dhabi 2014 which concluded on thursday at the abu dhabi national exhibition centre. — kt photo by nezar balout

the first quarter of 2014 continued to witness growth in the prime residential market and further stabilisation of the office and hospitality sectors. retail rents for malls on abu dhabi island witnessed a slight increase during the quarter.

short-term demand will be fuelled by investment and job growth from new major construction and economic development projects combined with a general improvement in market sentiment. long-term market recovery will be dependent on the pace of the government’s on-going initiatives to diversify the economy and generate sustainable new employment growth as many of these initiatives remain a work-in-progress.

residential stock increased by around 1700 units in the quarter bringing the total stock to around 238000 units. additions to supply included units within reem island saadiyat island and al reef.

the residential sales market continues to rise due to positive investor sentiment and increased demand from end users. this led to price growth fo the fifth successive quarter — following 25 per cent annual price growth for prime high quality units during 2013 prime residential prices grew by a further nine per cent during the period — although it is important to note that the volume of transactions remains limited.

the overall office market remains over-supplied with new additions to supply continuing to rise. large-scale demand continues to be dominated by government entities and state-owned enterprises; although there are indications that private sector occupier demand is starting to increase.

while prime rentals continue to be stable the future growth of the office market depends on government economic development initiatives to grow new demand and increase private sector activity.

office supply currently stands at 3.1 million square meter with an additional 78000 square meter of office gla expected to enter the market during 2014.

the future additions to supply will continue to place downward pressure on rents for secondary space. there were a number of major completions in the office market this quarter including the nbad building at capital centre and the siemens building at masdar city.

david dudley head of abu dhabi office at jll mena said “it is encouraging to see further signs of growth and recovery. the general theme is selective recovery with different sectors at a different stage of recovery and the residential sector leading the way.”

a two tier market exists with a significant divergence between high and low quality product in terms of quality of location design functionality asset management etc.

he said: “sustained market recovery is very much dependent on continued government investment in to infrastructure and economic development to boost demand.”

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jun 29 2016 - Kuwait- Speaker Al-Ghanim condemns Turkey's terrorist' attackKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 29 (KUNA) -- National Assembly Speaker Marzouq Ali Al-Ghanim has condemned the terrorist attack that targeted Ataturk Airport in Turkey''s Istanbul ...

 Jun 29 2016 - Iraq parliament chairman arrives in KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 29 (KUNA) -- Speaker of the Iraqi parliament Dr. Salim Al-Jabouri, accompanied by a delegation, arrived in Kuwait on Wednesday starting a day-long ...

 Jun 29 2016 - EU ready to work closely with Turkey to fight terrorismKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 29 (KUNA) -- The European Union reiterated Wednesday its continuing solidarity with Turkey, its government and its people and reaffirmed its ...

 Jun 29 2016 - Japan condemns Turkish airport attackKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, June 29 (KUNA) -- Japan has strongly condemned the terrorist attack that hit the Ataturk International Airport in Istanbul, Turkey, on Tuesday. ...

 Jun 29 2016 - Belgium, NATO condemn Istanbul terror attackKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, June 29 (KUNA) -- NATO Secretary General Jens Stoltenberg has strongly condemned the "horrific attacks at Istanbul''s Ataturk Airport " that took place ...

 Jun 29 2016 - Kuwait- His Highness the Amir receives visiting top Iraq legislatorKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, June 29 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received, on Wednesday at Seif Palace, the visiting Speaker of Iraqi ...

 Jun 29 2016 - 15 strikes in Syria, 17 in Iraq target IS -- coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, June 29 (KUNA) -- Coalition military forces continued to attack the so-called Islamic State (IS), conducting 15 strikes in Syria and 17 in Iraq, the ...

 Jun 29 2016 - Taynal Mosque, crown jewel of Islamic architecture in LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Photo feature by Waseem Haider BEIRUT, June 29 (KUNA) -- The Lebanese capital of Tripoli is home to several architectural treasures that reflect the history of ...

 Jun 29 2016 - Media Invite: Nairobi Launch of Housing, Land and Property PublicationMENAFN Press
(MENAFN Press) Media Invite: Nairobi Launch of Housing, Land and Property Publication OSLO, Norway, June 28, 2016/APO/ -- TO: Media Agencies based in Nairobi, Kenya FROM: Norwegian Refugee Council, ...

 Jun 29 2016 - July 6 Telephonic Press Briefing with Margaret McKelvey, Director, Office of Assistance for Africa Bureau of Population, Refugees, and MigrationMENAFN Press
(MENAFN Press) July 6 Telephonic Press Briefing with Margaret McKelvey, Director, Office of Assistance for Africa Bureau of Population, Refugees, and Migration WASHINGTON D.C., United States of ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help